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Amount of life insurance for dual doctor couple?

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    The White Coat Investor
    Founder

  • The White Coat Investor
    replied
    You could argue that you don't need it until the children come along very easily. At that point I think you've got a good argument to carry less than a couple that is a doc and a stay at home parent, but it's a very individual decision. You really need to think through the plan for each of these scenarios:

    1) You die- what happens?

    2) I die- what happens?

    3) We both die- what happens?

    If the outcomes aren't acceptable without insurance, then buy insurance.

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  • eaglecap
    Member

  • eaglecap
    started a topic Amount of life insurance for dual doctor couple?

    Amount of life insurance for dual doctor couple?

    My wife and I are trying to decide how much life insurance we should carry for the next 20 years.  We are both fresh grads, she is internal medicine and makes $200k per year and I am a dentist and make $140k per year.  At some point she may go down to part time when we do have children.  We have no kids, own outright a $400k house and she has $200k in student loans.  Both of our cars are paid for and we have $50k emergency fund and $50k in retirement funds.

    We are considering 1 vs 1.5 million for each of us for term life insurance.  What do other dual doctor couples out there generally insure for?  Is life insurance even needed for dual doctor couples?
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